Best Macro Forecast Anywhere

Larry Kudlow posts the chart above before observing “While there may be no direct causality, one can’t help but wonder whether the investor class hasn’t been disappointed with the shape of this election battle.” It was nice of him to concede that there may be no direct causality here, but he then of course uncorks his explanation of why there was, in fact, causality. Basically, investors hate Democrats so when primaries happen including the Republicans-only Michigan primary, the markets go down. You can see why Fox Business News isn’t getting any viewers. This kind of dogmatism may work as political commentary, but it’s poison as actual economic analysis.